GDPD(SH:600795) Xin Lang Cai Jing·2025-08-20 04:26Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to falling electricity prices and a decrease in electricity generation [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 77.655 billion yuan, a year-on-year decrease of 9.52% [1][2]. - The net profit attributable to shareholders was 3.687 billion yuan, down 45.11% year-on-year [1][2]. - Excluding non-recurring gains, the adjusted net profit was 3.410 billion yuan, reflecting a year-on-year increase of 56.12% [2]. Electricity Generation - The total electricity generation in H1 2025 was 195.801 billion kWh, a decrease of 3.53% year-on-year [2]. - Breakdown of electricity generation: - Thermal power: 151.840 billion kWh, down 7.51% - Hydropower: 22.685 billion kWh, down 6.44% - Wind power: 11.074 billion kWh, up 11.11% - Solar power: 10.202 billion kWh, up 122.85% [2]. Electricity Pricing - The average on-grid electricity price in H1 2025 was 409.70 yuan/MWh, a decrease of 29.51 yuan/MWh year-on-year [2]. Fuel Cost Management - The company procured 80.97 million tons of raw coal in H1 2025, with long-term contract coal accounting for 97.05% of the total [3]. - The average price of coal used in power generation was 831.48 yuan/ton, down 9.52% year-on-year [3]. Transition to Cleaner Energy - The company is actively promoting the transformation of thermal power, with significant new coal-fired power generation capacity coming online [3]. - The electricity consumption rate of power plants was 3.70%, a decrease of 0.14 percentage points year-on-year [3]. Investment Outlook - The expected EPS for 2025-2027 is projected to be 0.40 yuan, 0.42 yuan, and 0.43 yuan, with corresponding PE ratios of 12x, 11x, and 11x [3].